School is out, you have your diploma, now it’s time to start considering repayment of all those student loans that you took out while achieving your higher education goals. Whether you have two loans or five, it’s a good idea to consolidate to make life easier for yourself. Consolidating loans enables you to combine all those debts, achieve one interest rate, one payment and write one check. Consolidating a student loan will more than likely offer you a lower interest rate, a longer repayment schedule and lower monthly payments. Writing one check each month also makes bill paying easier and reduces the chance of missing a payment or getting behind while you’re trying to juggle all of them at the same time.

Student loans don’t need to be repaid until after you have completed your education, but it’s a good idea to get a jump-start and devise a plan to start repaying those student loans before you have to. Lowering monthly payments makes life a little easier when times are tough, but you should always try to pay more than the minimum balance due on any type of loan to save yourself hundreds, if not thousands, of dollars. At the same time, having a lower monthly payment to repay those student loans leaves you money to pay for that car you need to take you to that new job, or save a mortgage or rent payment when you’re still trying to get your career on track.

One of the greatest benefits of a private student loan consolidation is that you will be the happy owner of a fixed rate of interest. Many loan interest rates fluctuate with the times, but with a fixed rate, your interest payments will stay the same month after month. Such rates will, of course, depend on the amount of the total loans combined, your current interest rate and how long you want to finance your repayment terms. Some businesses and banks allow you to request a certain repayment period of between 3 to 5 to 7 years, but depending on your loan amounts, this may be extended to a 10-year repayment plan or even longer.

Many different types of private student loans can be consolidated, including but not limited to Health Professions loans, Nursing Student loans, Stafford and Perkins loans as well as PLUS, NDSL and HEAL loans. Always check to make sure you know which kinds of loans you currently have before going to see a lender to consolidate, and have your account numbers, loan balances and interest rate information handy. Always look around and find at least two to three lenders that you feel you might be able to work with in order to find the best interest rates for your consolidation needs. Whether you have graduated or not, it’s a good idea to have a repayment plan in place before you graduate so that you can work repayment loans into your monthly living expenses. Don’t wait until the last minute to start repaying loans, and don’t waste time and money paying high interest rates when you can take a few hours, or even a few days, finding a lender that will allow you to consolidate.

By: Chonticha Marijne

Are you looking for more money than financial aid has provided for your schooling? Do you need more than the government loans to get your tuition paid and all the other expenses? Let’s face it, it is super expensive to get an education, but it is even more expensive not to. Here are the reasons why private students loans can help you get through school.

First, we need to look at some facts about the difference between having just a 2 year degree compared to just high school and what a bachelors degree means for you. If you are just a high school graduate, then you are likely to make no more than $30,000 a year in your lifetime and that is if you are lucky. However, with just a two year degree you can bump that up to over $38,000 a year, which is over $150,000 extra for 20 years of work. A bachelors can get you well over $50,000 a year so now you can see why it is so expensive to not get your education.

With that said, we need to move on to what private students loans can do to help you out. You get some financial aid from the government in the form of loans and a Pell grant if you qualify. However, this might not cover your tuition, fees, books, and living expenses and if you have not other financial help, then work or private students loans are your options.

When you go for the private loan you will need to either have good credit yourself or a co signer with good credit. The good thing is there is not income requirement so it can be a retired person that co signs or someone with a low income. This can usually give you plenty of money for all your expenses and help you get your education without the financial stresses that some students have.

By: Chad Wistick

Private Student Loans – dispelling the myths

If savings, grants, scholarships, and federal loans don’t cover the cost of your education, it’s time to turn to private loans. But young college students can’t qualify for a private loan, can they? Wrong! This article addresses this and other myths about student loans that you may run into.

I don’t have any collateral, so I can’t get a private loan.

Private loans are usually unsecured, which means no collateral is required. On the downside, this may also mean a higher interest rate.

I don’t have a good credit history (or no credit history at all)

Since the government doesn’t back private loans, your credit history is a consideration in being approved for a loan. If your credit history is bad or non-existent, you may be subject to a higher interest rate. And remember, you can always get a co-signer. Pay your loan off on time, and soon you will have a good credit history!

I have enough funds for tuition and fees, so I can’t get a private loan

In addition to paying tuition and fees, funds from private loans can be used to cover living expenses, supplies, computers, and other everyday living needs.

I can’t afford to make payments on a loan while I am still in school

For most loans, your principal and interest payments can be deferred while you are enrolled in school. Another option is to make interest payments while you are in school but defer paying off the principal. Your interest payments might even be tax-deductible!

I missed the deadline for applying for financial aid this year

You can apply for private student loans any time – there is no deadline. Depending on the financial institution you choose, you can be pre-approved in minutes and have the money (which will be sent directly to you) within a matter of days.

I don’t have a bank to apply through

Private loans are offered by thousands of banks, credit unions, and other financial institutions. Just search the internet for “private student loans” and you will find many places to apply to.

If you need the additional funds provided by private loans, don’t let myths and misconceptions keep you from applying!

This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about Private Student Loans at http://www.NextStudent.com .

By: Vanessa Mchooley